Internet Wizards: Conjure, Own, Dispel

An Internet Wizard is a transferable Metaplex Core NFT with its own on-chain vault. You create one by locking exactly 100,000 MIFI, which stays yours and comes back when you dispel. While the Wizard is active, its vault earns one equal share of the protocol's actual revenue (the Mana Pool) as SOL, and its chosen spell decides whether that SOL stays as SOL, becomes the configured tokenized BTC asset, or becomes more MIFI. This page walks the whole lifecycle: what the conjure quote contains, what the app shows while your Wizard is being created, what ownership actually controls, exactly what dispel returns, why the collection has a 10,000 simultaneous cap but no fixed serial cap, and why your wallet's burn button does not work on a Wizard (on purpose).

Related pages: The MIFI token · The three spells · The Mana Pool · Wizard art and identity

The lifecycle in one table#

Conjure#

The quote#

Before you sign, the Conjure page shows a quote with three separate parts. They are separate because they behave differently: one is your money coming back, one is spent, and one is a deposit that mostly comes back.

Rent amounts are read from the network at quote time rather than hard-coded, so they can differ slightly between quotes. Rent is not a MIFI fee. It is Solana's deposit for storing accounts, and closing an account returns it to you.

Principal. The 100,000 MIFI is locked, not spent, not burned, and not sold. It never funds rewards, operations, or swaps. No admin, keeper, renderer, or swap instruction can move it. It leaves the vault exactly once: when you dispel.

Action fee. The proposed default is 0.05 SOL, split 80% to the Mana Pool and 20% to the protocol treasury (0.04 SOL and 0.01 SOL at that default). It is nonrefundable and, importantly, your new Wizard does not receive any of it. The fee is allocated to the Wizards that already exist at the moment you conjure; your Wizard begins earning from the next receipt after its activation. If you conjure the very first Wizard, the Mana share of your fee goes to a visible bootstrap reserve rather than to you. Fee parameters are bounded on-chain and can be adjusted within those bounds by the protocol admin; the app always shows the current value.

Rent and what comes back. Most of the rent is refunded when you dispel because the accounts are closed. Two exceptions. The art identity reservation, the record that says "this exact character has been issued", is never closed, because it is what ensures your character is never minted again. And a small portion of the Wizard state account's rent is kept to fund the permanent archive record (the tombstone) written at dispel. Both are disclosed in the quote.

Choosing a spell#

You choose a spell at conjure and can change it later. The proposed default is the Orange Spell once its tokenized BTC asset and route are configured; until then Orange is unavailable and the app says so. See The three spells.

What you see while it happens#

Conjuring is one all-or-nothing transaction. Locking the principal, taking the fee, assigning the serial, reserving the character, creating the NFT, and activating the reward share all succeed together or fail together. If it fails, nothing is locked and no action fee is taken; only Solana's small transaction fee for the attempt is spent. By design, you cannot be left holding a paid, collateralized position without an NFT.

Financial rights begin at on-chain activation, which is what Confirmed reflects. The portrait is rendered afterwards, asynchronously, and retried if the renderer is unavailable. A Wizard whose image still says "Conjuring…" is a fully functional Wizard: it has a serial, a vault, and a share, and it can be transferred, processed, or dispelled. You can see its serial and exact balances immediately.

Your character is fixed on-chain at conjure, before any image exists. It is drawn from the active art catalog by a public, deterministic sequence, not a random draw, and nobody (including the team) chooses it. The renderer only draws what the chain has already committed to, so a delayed render produces the same Wizard when it arrives. Catalogs, identity, and evolving artwork are covered in Wizard art and identity.

Two labeling notes. The Conjure page shows sample Wizards, and a sample is not your Wizard, because your identity does not exist until the transaction lands. And while the collection uses the prototype asset bank, every portrait carries a PROTOTYPE ART label; those drawings prove the system and are to be replaced by artist-approved assets.

The protocol admin can pause new conjures, for example during an incident. Pausing never affects settlement or dispel. Conjure is also unavailable while 10,000 Wizards are active (see below).

Ownership#

One Wizard, one vault#

Every Wizard has its own vault: a small family of on-chain accounts controlled by a program-derived authority unique to that Wizard. Nothing in it is pooled with other Wizards.

Principal and extra MIFI sit in the same token account, but the program accounts for them separately: extra MIFI shows in your balance and is returned at dispel, and principal cannot be touched by anything except dispel. The tokenized BTC account is created the first time an Orange execution succeeds, so a Wizard that has never run Orange has no BTC account yet.

The app shows token balances first and an estimated NAV second. NAV is an estimate built from reference prices; it excludes rent, it can be stale, and a Wizard's price on a marketplace can be higher or lower than it. Dispel returns the assets, not a dollar figure.

One Wizard, one share#

Every active Wizard has exactly one share of Mana, regardless of its serial, age, art stage, traits, spell, or how much extra MIFI or tokenized BTC it has accumulated. The Infinity Spell makes a vault hold more MIFI; it never gives the Wizard a bigger share. There are no rarity multipliers and no yield multipliers.

Rewards depend on actual activity. Conjure fees arrive when someone conjures, and trading fees arrive when MIFI trades and those fees are collected into the protocol. If activity stops, revenue stops; what is already in your vault stays yours. The protocol uses receipt-time entitlement: a share entitles you to revenue received by the protocol while you hold an active Wizard, not to fees earned on the trading venue earlier and collected later. The Mana Pool explains the sources, the timing, and what "claimable on venue, not yet received" means.

Who controls the vault#

Only the current owner of the NFT can take owner actions: change spell, run the spell, transfer or list, and dispel. The program checks ownership on the canonical on-chain asset at the moment each transaction executes. A cached owner in a database, or in the app, is never authorization.

The Wizard does not sign anything itself; it is, after all, a drawing of a man in a hat. The MIFI program signs for the vault's authority, and only in instructions that are either signed by the current owner or whose destination is fixed to the Wizard's own vault. Two actions fall in the second category and therefore do not require the owner: anyone can settle a Wizard's accrued Mana into its own vault, and the protocol keeper can run its chosen spell within program-enforced limits. The keeper has no withdrawal authority and cannot change your spell.

The keeper's proposed schedule is to run spells when aggregate processable Mana reaches 10 SOL, or when a periodic scan finds jobs worth running. Each Wizard also has a minimum viable amount below which a swap is not attempted; small entitlements simply accumulate as pending SOL and are never discarded or reassigned. You can run your own spell at any time by paying the network fee yourself.

Transferring or selling#

Transferring the NFT transfers the whole position. The vault, every balance in it, pending SOL, and any unsettled entitlement all go with it. Nothing is reset, withdrawn, split, or copied. The original conjurer keeps a line in the Wizard's history and nothing else. A listing or transfer does not create an extra share and the active count does not change; only the name on the deed does.

Practical consequences:

• If you sell a Wizard with unsettled entitlement, the buyer can settle it. You cannot withdraw it after the transfer.
• If you buy a Wizard, its balances are live. The seller can change spell, run the spell, or even dispel while a listing is open (a dispelled Wizard no longer exists, so that listing simply cannot fill). Refresh ownership and balances immediately before you buy, and treat any NAV label as an estimate.
• The collection carries a 5% royalty paid entirely to the Mana Pool (proposed default). It is advisory: marketplaces that honor it pay it, and only royalties actually received count as revenue. Transfers themselves are unrestricted.

Dispel#

Dispel permanently ends a Wizard and returns its vault to the current owner. Only the owner can do it, and the protocol admin cannot pause it (settlement cannot be paused either).

What comes back#

The review screen lists exact token amounts before you sign, and states plainly that this serial and character will not be mintable again. The proposed default dispel action fee is 0 SOL; you pay only Solana's transaction fee.

No swap is required to exit. Tokenized BTC comes back as tokenized BTC and extra MIFI comes back as MIFI; what you do with them afterwards is up to you. Dispel does not depend on a price feed, a quote service, or a swap route, so it works even when spell execution cannot. You need a token account for each returned asset; the app handles that and shows any cost in the review.

One accounting detail. Mana is split per share in fixed-point arithmetic, so a Wizard usually carries a fraction of a lamport (less than 0.000000001 SOL) that has been allocated but cannot be paid as a whole lamport. At dispel that fraction is recorded as protocol dust. It is not reassigned to other Wizards, and it is not something any holder receives.

Atomic#

Dispel is one transaction that does five things together: ingests any revenue that has arrived but not yet been accounted, settles your Wizard at the current index, removes its share, pays out every asset, and burns the NFT. Either all of that happens or none of it does. Your ownership credential is never burned before the payout has already been performed in the same instruction.

The specification also defines a fallback two-step "Exiting" state, which fixes the recipient and blocks transfers, new earnings, and spell execution, for the case where transaction limits ever make the single-step path impossible. The single-step path is the target and is the one the protocol is built and tested around.

If you conjure and dispel immediately afterwards, your principal and refundable rent come back in full, the action fee stays paid, and the Wizard has no historical rewards unless revenue happened to arrive between the two transactions.

What remains#

The serial and the character are retired for good. The identity reservation stays on-chain, so no future catalog issuance can produce the same character, and the serial counter never goes backwards. The program writes a compact tombstone: serial, NFT address, original conjurer, conjure and dispel times, art identity, final spell, lifetime allocated Mana, and the exact amounts returned.

The archive profile stays readable, with its final portrait and closing counters. It is clearly marked as dispelled: not purchasable, not earning, not coming back. It remains a perfectly good page to be nostalgic on.

The 10,000 cap and ever-increasing serials#

The cap is a collateral limit, not a numbered-collection limit. When a Wizard is dispelled, its 100,000 MIFI returns to circulation and can lock into a brand-new Wizard with a brand-new serial. So the active count can never exceed 10,000, but Wizard #10,001 can exist, and a serial you see on an archive page will never appear on a new Wizard. Locking MIFI reduces freely circulating supply; it does not burn any.

Because serials can outrun the cap, the art system is built for more than 10,000 historical identities. Each new Wizard needs an unissued character in the active catalog, and the intent is to add new catalogs before the active one runs out. See Wizard art and identity.

Why you cannot burn a Wizard from your wallet#

A normal Core NFT can be burned directly by its owner through the Core program. If that were possible for a Wizard, two bad things would happen at once: 100,000 MIFI (and everything else in the vault) would be stranded behind a key that had just been destroyed, and a phantom share would keep collecting Mana that nobody could ever claim.

So the Internet Wizards collection carries a lifecycle rule: every burn must be approved by an on-chain oracle account, and each Wizard's own state account is that oracle. It answers "rejected" to burns. Direct burns from a wallet, burns by a delegate, and burns that try to point at a substitute oracle account all fail. Transfers are not checked by this rule, so ordinary wallets and marketplaces work without extra steps.

Dispel is the one exception, and it is structural rather than a permission. Inside the dispel instruction, after your payout has been performed, the program flips the Wizard's own oracle answer to "pass" and burns the NFT through Core in that same instruction. There is no instruction in the MIFI program to remove this rule from the collection, or to add a permanent delegate that could transfer or burn Wizards without the owner.

Before mainnet, the launch plan requires proving on the pinned Core version that direct owner burns, delegated burns, spoofed oracle accounts, transfer-then-burn attempts, and attempts to add a permanent burn delegate are all rejected while dispel still succeeds. None of this is a claim that an audit has been performed. The authority inventory and the list of unresolved items are tracked in the project's documentation.

Quick reference#